McCreath: Russia s Lukoil said to be circling Canada s oil patch VIDEO SIGN OUT
Calgary is buzzing again, and not just because the prices of oil and gas are on the rise.
While itâs not news until it hits the tape, multiple senior sources in Calgaryâs energy community suggest that Russian energy giant Lukoil PJSC, a behemoth that produces two million barrels of oil equivalent per day and sports a nearly US$53-billion market capitalization, is poised to take a significant stake in privately-owned western Canadian energy producer Velvet Energy Ltd.
Some of the chatter about this dance can be traced to Cormark Securities telling clients Thursday morning that Lukoil was set to acquire a position in Velvet. By Thursday night, Cormark had retracted that report. However, as a securities analyst at heart, the original comment piqued my investigative side. After more than a dozen phone calls and many email exchanges â and, arguably more importantly, messages and call
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